Dogecoin Whales Have Moved $23 Billion of DOGE in the Past 24 Hours

It's not every day the Dogecoin blockchain lights up with $23 billion in whale activity, but that's exactly what happened over the past 24 hours.

The crypto market is starting to heat up again, with some interesting moves unfolding in the past 24 hours.

One surprising statistic is the $23 billion in transactions on the Dogecoin (CRYPTO: DOGE) blockchain over the past 24 hours, as noted by crypto analytics firm Glassnode. To put that into perspective, the entire market cap of Dogecoin is currently $33.98 billion.

This volume is a result of some major 'whales' shifting large chunks of DOGE. Notably, a single wallet made an incredible 16.7 billion DOGE transfer at around 3:38 AM EST on Wednesday. To put that in perspective, the entire circulating supply of Dogecoin is 133 billion.

This level of activity is significant and has traders on high alert. As the saying goes, ‘where there’s smoke, there’s fire.’ Could this volume be a precursor to a major price rally, or is it just a case of whales shuffling their holdings ahead of the next big move?

Only time will tell what the next chapter holds for Dogecoin. At present, it’s locked in a tight range, suggesting traders are still seeking the next clear direction.

Bitcoin stalls

The crypto market is starting to heat up again, with some interesting moves unfolding over the past 24 hours.

One surprising statistic is the $23 billion in transactions on the Dogecoin (CRYPTO: DOGE) blockchain over the past 24 hours, as noted by crypto analytics firm Glassnode. To put that into perspective, the entire market cap of Dogecoin is currently $23.98 billion.

This volume is a result of some major 'whales' shifting large chunks of DOGE. Notably, a single wallet made an incredible 16.7 billion DOGE transfer at around 3:38 AM EST on Wednesday. To put that in terms of dollar value, at the time of writing, this transaction would be worth an estimated $1.2 billion.

This level of activity is significant and has traders on high alert. As the saying goes, ‘where there’s smoke, there’s fire.’ Could this volume be a precursor to a major price rally, or is it just a case of whales shuffling their holdings ahead of the next big move?

Only time will tell what the next chapter holds for Dogecoin. At present, it’s locked in a tight range, suggesting traders are still seeking the next clear direction.

Bitcoin price prediction: Is a reversal coming?

Bitcoin (CRYPTO: BTC) price today is holding around $106,748, and it’s starting to look like the rally’s losing steam, not reversing, just catching its breath.

BTC is still in an uptrend, but it’s tired. Without a new catalyst, like more crypto ETF inflows, macro data, or a surprise Fed comment, this rally might pause here.

From the chart, we can see that Bitcoin is now testing the upper band of a key Bollinger Band on lower time frames. This suggests that traders could be taking some profit at these levels.

Ultimately, the direction of Bitcoin price will depend on the next move by institutional investors. If they continue to pour money into Bitcoin, then we could see the cryptocurrency rally to new all-time highs. However, if the institutional interest starts to wane, then Bitcoin price could pullback from current levels.

Ethereum rally stalls

Ethereum price is showing signs of exhaustion as it struggles to reclaim the $2,600 level.

ETH is currently trading at $2,552, and it’s trying to gain a foothold above recent resistance. The outlook for Ethereum remains bullish as long as Bitcoin can hold its ground.

However, just like Bitcoin, Ethereum needs a reason to break higher, and right now, the fast money is pulling back from this leg.

The views and opinions expressed are those of the author and do not necessarily reflect the official policy or position of Benzinga.com.